New research on the impact of Covid-19 and “a looming global recession” projects the global market for wide format printers will continue to grow at an annual rate of 2.5 percent to reach US$4 billion (A$5.7bn) by 2027. Led by countries including Australia, the ‘UV cured Segment’ in Asia-Pacific is forecast to reach US$552.2 (A$790m).
industry researcher ReportLinker says it recently launched an 'impact survey' to assess evolving market conditions, executive opinions and how the pandemic has impacted production and sales, in order to provide timely insights during the current conditions.
“Amid the COVID-19 crisis, the global market for Wide Format Printers, estimated at US$3.4 billion in the year 2020, is projected to reach a revised size of US$4 billion by 2027, growing at a CAGR (Compound annual growth rate) of 2.5% over the analysis period 2020-2027,” says the Global Wide Format Printers Industry report.
“Aqueous, one of the segments analysed in the report, is projected to grow at a 2.5% CAGR to reach US$1.8 billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Solvent segment is readjusted to a revised 2.5% CAGR for the next 7-year period. This segment currently accounts for a 22.9% share of the global Wide Format Printers market."
The report says the US accounts for over 27% of global market size in 2020, with China forecast to grow at a robust 4.7% CAGR for the period of 2020-2027 .
“The Wide Format Printers market in the U.S. is estimated at US$920.9 Million in the year 2020. The country currently accounts for a 27.05% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$804.7 million in the year 2027 trailing a CAGR of 4.7% through 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 0.6% and 1.8% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 1.1% CAGR while Rest of European market (as defined in the study) will reach US$804.7 million by the year 2027.
UV cured Segment Corners a 18% Share in 2020
“In the global UV cured segment, USA, Canada, Japan, China and Europe will drive the 2.5% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$461.6 million in the year 2020 will reach a projected size of US$547.7 million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets.
“Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$552.2 million by the year 2027, while Latin America will expand at a 3.8% CAGR through the analysis period.”
The report's topics include: Relevance of Print Media Endures in the Era of Digitalization; Wide Format Prints - A Compelling Platform for Marketing Communication; Convergence of Wide Format with Digital Media Provides Marketers a Powerful Marketing Communications Tool; Industrial Usage of Wide Format Printers; Increasing and Wider Usage of Digital Printing Devices; Strong Business Case for Commercial Print Service Providers to Adopt Wide Format Printing; Entry & Growth Barriers for Wide Format Printing Business.
“We bring years of research experience to this 19th edition of our report. The 189-page report presents concise insights into how the pandemic has impacted production and the buy side for 2020 and 2021. A short-term phased recovery by key geography is also addressed.”
Competitors identified in the report include, among others: Agfa-Gevaert; Canon; Electronics for Imaging; HP; Konica Minolta; Mimaki Engineering; Océ-Technologies; Ricoh Company; Roland DG; Seiko Epson; Xerox.
The full report is available here for US$5,600